Irish adtech Snigel receives significant investment from London firm

16 Jan 2023

Snigel team. Image: Snigel

The investment will help Snigel, one of Deloitte Ireland’s Technology Fast 50 for three consecutive years, to expand its business in Europe and the US.

Irish adtech Snigel, one of Europe’s fastest-growing tech companies, has received a significant investment from London-based private capital firm CBPE to grow its business.

Headquartered in Dublin, Snigel has developed technology that helps publishers grow their ad revenue while also enhancing the user experience and meeting data privacy requirements.

Its proprietary ad management platform, AdEngine, uses machine learning to optimise ad impressions and engagements. The company is building on its existing offerings with new product releases ranging from AI-powered optimisation tools to data analytics.

Snigel was founded in 2012 by former Google executives Chris Krischnig and Peter Gallagher and is now co-led by Christian Jeschko and Ben Rycroft.

Featured in Deloitte Ireland’s Technology Fast 50 list for three years in a row, Snigel has seen its revenue by more than 40pc annually since 2020. It also made it into the Financial Times’ top 1,000 fastest-growing European companies index in 2021.

Speaking of the latest investment, the value of which was undisclosed, co-CEOs Jeschko and Rycroft said: “This exciting step for Snigel enables us to accelerate investment in our technology and commercial infrastructure to deliver even more value for our publisher partners.”

“Publishers continue to be the core focus at Snigel. We are determined and inspired in our mission to drive long-term revenue growth and better user experiences for publishers so they can focus on creating great content and growing their audiences,” they added.

Following the investment, CBPE becomes the majority shareholder of Snigel. Meanwhile, the founders will remain the largest private shareholders of the company.

The investment will help Snigel further grow in its core markets of Europe and the US while also advancing its technology. According to a Business Post report, the company employs around 30 people and is intending to increase headcount on the back of the new financing.

“Snigel has excellent technology, a strong and collegiate management team, and a great culture,” said Richard Thompson, partner at CBPE. “We believe Snigel is ideally placed to take advantage of the high levels of market demand driven by the ongoing growth in digital marketing spend.”

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Vish Gain is a journalist with Silicon Republic